Page 62 - Commercial - Underwriting Mandates & Guidelines Binder

Theft
Rate
Areas
Excess
1
2
3.
High attraction:
a) property in the open
b) contents of pump houses (farms)
c) any property that can be quickly sold for cash
d) copper
e) electronic equipment
f) foodstuffs
g) cigarettes
8%
10%
10% of claim minimum R1 750
4.
Accommodation (refer Hollard):
a) farm stalls 12%
Additional damage to building:
In addition to the cover the policy offers
Losses in the open at the insured premises:
Goods in the open
Petrol in underground tank(s):
Filling stations
Additional claims preparation costs
5. SHORT PERIOD COVER
15%
10% of claim minimum R3 500
R500
10% of claim minimum R1 750
10% of claim minimum R1 500
Nil
Optional Extensions
Description
Rate
Excess
5.1 5.2 5.3
This extension is intended to cover a specific period.
The period will impact on the rating and underwriting of the risk. Always specify the period to which the increase applies.
4%
8%
6%
Malicious damage:
a) In excess of Theft First Loss Limit; or
b) stand-alone limit
3%
10% of claim minimum R750
50% of the underlying base rate
Rate
Description
Rate loading
Excess
a) Increase in stock over a specific period.
b) Period must be specified.
c) The increased limit must not exceed 35% of the current sum insured.
d) Maximum period of increase is 6 months.
a) Apply the current rate to the additional limit.
b) Premium loading:
• 1-month period, load by 25%;
• 2-month period, load by 45%;
• 3-month period, load by 65%.
• 4-month period, load by 75%
• 5-month period, load by 80%
• 6-month period, load by 80%
c) After application of the loading apply a pro-rata premium according to the number of days the cover is required for.
No additional excess. The excess is based on the underlying policy schedule.
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Commercial Underwriting Mandates and Guidelines – Binder – Version 4 2022